Need to Reduce Fuel Consumption of Ships Drives Demand for Marine Coatings, Says Frost & Sullivan
-- Stringent environmental regulations to boost appeal of high-value, eco-friendly coatings
LONDON, Nov. 14, 2012 /PRNewswire/ -- The global marine coatings industry is poised to sail forward on the growing demand for reduced fuel consumption in cargo and cruise ships. Increasingly stringent environmental regulations are boosting the prospects of high-value, eco-friendly coatings. Innovation has been the only constant, with all companies striving to offer eco-friendly products.
New analysis from Frost & Sullivan (http://chemicals.frost.com), Strategic Analysis of the Global Market for Marine Coatings, finds that the market earned revenues of $5,030.1 million in 2011 and estimates this to reach $10,216.3 million in 2018. The research covers anti-corrosive, anti-fouling and foul-release coatings.
"The need to lower fuel consumption is a strong market driver and antifouling coatings applied to ships' hulls offer one way to combat emissions and reduce fuel consumption," explained Frost & Sullivan Research Director Dr Leonidas Dokos. "Foul-release technology, which also results in substantial fuel savings, is particularly useful for large cargo ships, which consume a lot of fuel."
Marine coatings manufacturers are generally conservative in adopting new practices. However, increasingly stringent environmental legislation, paralleled by customer preference for more eco-friendly products, is pushing innovation in the market.
"Companies are investing in developing eco-friendly products such as metal-free, anti-fouling coatings," noted Dokos. "Most major participants now offer silicone- or fluororesin-based foul-release products."
While these are positive winds for the market, it is not expected to be all smooth sailing. Participants will have to contend with two major challenges; projected declines in shipbuilding production and the consolidation of shipping management companies.
Until the beginning of 2014, new ship building activities are expected to fall. This will lead to declining volume demands in the near-term. Consolidation of the shipping management companies will increase their buying power, while placing additional pressure on marine coatings prices.
"Aggressive marketing, improved customer service – as sales are mostly direct – high performance products and strategic alliances in regions like China will help improve market share," advised Dokos. "As the market is dominated by a few large companies and barriers to entry are high, smaller companies should focus on offering differentiated products and superior customer service."
If you are interested in more information on this study, please send an e-mail with your contact details to Chiara Carella, Corporate Communications, at firstname.lastname@example.org.
Strategic Analysis of the Global Market for Marine Coatings is part of the Chemicals & Materials Growth Partnership Service programme, which also includes research in the following areas: Paint and Coatings Market, Intumescent Coatings Market, Chinese Automotive Coatings Market and Decorative Coating Companies in Asia Pacific. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Strategic Analysis of the Global Market for Marine Coatings
SOURCE Frost & Sullivan
More by this Source
Embrace the Future of Medical Technologies with Frost & Sullivan
26 Feb, 2015, 17:09 GMT
Get content for your website
Enhance your website's or blog's content with PR Newswire's customised real-time news feeds.
Contact PR Newswire
Send us an email at MarketingUK@prnewswire.co.uk or call us at +44 (0)20 7454 5382
Become a PR Newswire client
Request more information about PR Newswire products & services or call us at +44 (0)20 7454 5382